Philippines to buy 12 South Korean fighters for $422 million

Engineers assemble a FA-50, South Korea's first home-built light fighter, at an assembly plant of the Korea Aerospace Industries (KAI) in Sacheon, about 440 km (273 miles) southeast of Seoul August 14, 2013. REUTERS/Lee Jae-Won

MANILA (Reuters) - The Philippines is to acquire a squadron of FA-50 fighters from South Korea in a deal worth $422 million (18.9 billion pesos), a senior Philippine defence official said on Friday, boosting its capability as tension simmers in the South China Sea.

Fernando Manalo, undersecretary of defence for finance, munitions, installations and materiel, said the government had reached an agreement with Korean Aerospace Industries Ltd. for 12 of the aircraft and would sign a contract before March 15.